Pristyn Care turns unicorn after new round

Gurugram-based healthcare startup Pristyn Care has raised around $85 million in a new round from Sequoia Capital, Tiger Global and others. The three-year-old company was reportedly in talks with these investors for a larger round.

Pristyn Care has approved the issuance of 1,266 Series E compulsory convertible preference shares (CCPS) at a face value of Rs 50 and a premium of Rs 5,019,030 per share, amounting to Rs 635.41 crore or $84.7 million, regulatory filings show. 

The company also approved the issuance of 105 equity shares at a face value of Rs 1 and a premium of Rs 501907 per share, amounting to Rs 5.27 crore.

Sequoia Capital invested Rs 223.85 crore in this round followed by Tiger Global which put in Rs 149.56 crore. Amber winter Ltd and Hummingbird Opportunity Fund pumped in Rs 111.92 crore and Rs 59.73 crore respectively whereas Trifecta and Dream Duo LLP cut a cheque of Rs 37.64 crore each. 

The remaining funds came from Epic Capital, Urban Company’s founder Abhiraj Singh Bhal, MamaEarth’s founder Varun Alagh, Kunal Shah’s Qed Innovation Labs and others.

According to Fintrackr’s estimates, Pristyn Care has raised the fresh funds at a post-money valuation of $1.3 billion.  The company was valued at $515 million in its Series D round, its share price has increased by 136% from Rs 21,27,630 in Series D to Rs 50,19,080 per share in Series E.

With this, Pristyn Care has become the first startup to turn unicorn in December and overall the 42nd such startup in 2021. Last month, seven startups—Good Glamm Group, Curefit, Mensa Brands, NoBroker, Spinny, Upstox and Slice—joined the coveted club. 

The Gurugram-based company manages a number of aspects of healthcare services including hospital admission, diagnostics support and insurance claims. It runs a hybrid model of 200 in-house speciality surgeons and 150 clinics including 700 third-party hospitals. Its core competence lies in proctology, urology, gynaecology et al.

As per an ET report, Pristyn Care aims to open 1,000 surgical centres in 50 cities and will double its employee headcount by March 2022.

Pristyn operates more than 40 cities including Delhi (NCR), Hyderabad, Bengaluru, Chennai, Kolkata and Mumbai. According to a VCCircle report, the company is reportedly eyeing the acquisition of telemedicine and mobile health company Practo. 

While the company is yet to file its annual financial report for FY21, its operating revenue increased 654% to Rs 25.78 crore in FY20 from 3.43 crore in FY19, as per regulatory filings. During the period, its total expenses also increased 1578% to Rs 61.60 crore. The company had recorded a loss of Rs 33.08 crore in FY20 from a profit of Rs 2 lakh in the preceding financial year.

Pristyn Care is among the dozens of companies in which both Tiger Global and Sequoia Capital invested in 2021. The duo have so far backed Progcap, BharatPe, Classplus, Kutumb, Apna, Moglix, Groww, CRED, Innovaccer, GoMechanic, Plum and Coinswitch Kuber this year.